Indices: Australian ASX 200
The ASX200 closed marginally lower yesterday after sentiment was dimmed by a disappointing close from US stocks and negative news/rumours of weaker demand from Chinese cathode producers pummelled the lithium stocks – it didn’t help as we’ve touched on earlier that the market was caught very long ESG names. Time will tell if the rumours prove correct but we believe the sector has already witnessed its best prices for 2022.
The ASX200 slipped -0.2% on Monday after testing our much-flagged 7200 target level in the morning, the simple problem was the broad market was soft with only 30% on the main index managing to close in positive territory. On the sector front, only the Energy & Materials Sectors closed higher while the tech stocks in particular disappointed…
